Executive Summary:
- The Company has commenced a first phase, 9 hole drill program comprising approximately 1,000 meters at the Piedra Negra Project, Santa Cruz Province, Argentina.
- Targets were identified using extensive rock chip sampling along with Ground Magnetic studies and Induced Polarization (IP) geophysics, defining mineralization over an area measuring 2 km by 700 m.
- Drill targets include structurally outcropping N-S striking veins, E-W striking dilatational zones and rhyolite hosted stockworks.
- The targets are within 30 km of the Vanguardia Gold Mine (Anglo Gold Ashanti) and mineralized outcrops occur adjacent to a road leading to that mine.
TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) — Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (TSX-V: MTT) (SSE: MTTCL) is pleased to announce the commencement of drilling on the Piedra Negra Project in Santa Cruz Province, Argentina. The Piedra Negra Project (“Piedra Negra” or the “Project”) is located approximately 30 km N-NE of the Cerro Vanguardia gold mine (Anglo-Ashanti) and is accessible by a good unpaved road, from Tres Cerros, 32 km to the east (see figure 1).
The Project is characterized by gold bearing, low sulphidation veins and stockworks, hosted in andesitic tuffs and rhyolitic domes of the Bajo Pobre and Chon Aike Formations respectively. The 460 select rock chip samples reported so far are distributed across an area measuring 2 km from north to south and between 200 and 700 m from east to west (see figure 2). Gold grade ranges up to 16.02 ppm with an average grade of 0.47 ppm including 189 samples over 0.1 ppm. Note that samples on the Project are selected samples, with spacing being determined by availability of outcrop and sub-crop and are not necessarily representative of the mineralization hosted on the Project.
The principal target concepts are:
- N-S striking veins seen in outcrop and verified by IP resistivity.
- E-W striking dilatational structures defined from IP resistivity and magnetic lows.
- Stockworks and associated fluid traps in Rhyolitic domes seen in outcrop and verified with IP resistivity.
The target area is divided, for the purposes of this campaign, into three target zones. From north to south, these are The Puyutano Dome, Vetas Hermanas, Piedra Negra Domes. Nine holes constituting approximately 1,000 m of drilling are planned for the first phase (see figure 3).
Puyutano Dome Target Area
Puyutano is the most northerly zone on the Project, and is characterized by low sulphidation veins in a rhyolitic dome complex. The main target here is the Elizabeth Vein in the southern flank of the dome. Holes DDH_001 and 2 target the vein which averages 1.48 ppm Au from 78 rock chips and float samples over a 220 m strike length.
Vetas Hermanas Target Area
Vetas Hermanas zone is comprised of 1,000 m of low sulphidation, banded, crustiform and cockade texture veins which are hosted in andesitic tuffs and ash tuffs. Holes DDH_003 through DDH_005 target the discovery vein or Emily Vein which averages 0.75 ppm Au from 39 rock chips over a 300 m strike length (see figure 4). Hole DDH_006 targets the Valentina Vein which averages 0.72 ppm Au from 21 rock chips over a 130 m strike length.
Piedra Negra Domes Target Area
The Piedra Negra Domes zone is characterized by weakly positive topography representing the tops of rhyolitic domes which, in some cases, show evidence of stockworking with traces of Au. In the recessive areas between the domes there is evidence of veins in float and sub-crop. Holes DDH_007 through 9 target veins and stockworks as well as what we interpret to be fluid traps on the underside of the domes as evidenced in the IP resistivity sections (see figure 5).
Quality Assurance / Quality Control
Surface samples were taken with hammer and chisel or with a diamond saw and placed in sealed bags. Samples were delivered, by Magna Terra staff, directly to Alex Stewart Laboratories in San Julian, Santa Cruz, Argentina, for sample preparation and subsequently shipped to Alex Stewart Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis. A QAQC program including insertion of blanks and duplicates has been implemented.
Note, that rock chips or selective samples were taken in situations where sample spacing is determined by availability of outcrop and sub-crop and so the results are not necessarily representative of the mineralization hosted on the Project.
Qualified Person
All technical data disclosed in this press release has been verified by Magna Terra’s Qualified Person, Paul D. Robinson Ph.D. and Certified Professional Geologist as recognized by the Association of Professional Geoscientists of Ontario (APGO).
About Us
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With six district scale drill ready projects, and a highly experienced management and exploration team, MTT is positioned to deliver significant shareholder value through the potential for precious metals discovery(s) on its extensive portfolio. For detailed information regarding our projects, please visit the Company’s website at: www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Figures accompanying this announcement are available at the following links:
http://www.globenewswire.com/NewsRoom/AttachmentNg/d103afb6-c30c-4fc2-ba35-d42cadf26d92
http://www.globenewswire.com/NewsRoom/AttachmentNg/5d0af60d-0933-4699-9daa-debefaf99e49
http://www.globenewswire.com/NewsRoom/AttachmentNg/d0621c67-5bfc-4fdb-854c-5c4b11a83f9b
http://www.globenewswire.com/NewsRoom/AttachmentNg/3350bb64-c36c-4e9f-92c8-cf8c9a4694ea
http://www.globenewswire.com/NewsRoom/AttachmentNg/8b91bc94-0ffa-4c51-856b-0f5103a43fdd